The Abu Dhabi National Foodstuff Company (Foodco) reported a record second quarter net profit of AED 74.5 million (US$20.29 million) up by 204 per cent on Q2 2004 results.
The results were accomplished with a substantial increase in Q2 sales for the current year up by 11 per cent to reach AED 45.3 million (US$12.34 million). Net income from investments too went up by 124 per cent to reach AED 75.8 million (US$20.65 million) during the second quarter.
“These robust results have been achieved as we focus our core energies on strengthening our sales to the neighbouring re-export markets that span the GCC and the wider Middle East and reinforce our supplier base that now covers every major business centre in the world,” said Foodco’s Managing Director and Member of the Board of Directors, Ahmed bin Ali Al Dhahery.
He noted that shareholders equity for Q2 ’05 grew by a noteworthy 61.28 per cent to reach AED 277.4 million (US$75.58 million). “We have strived to bring genuine satisfaction to people in the region through offering products of the highest quality at competitive prices and enhanced the value for both consumers and stockholders,” Mr. Al Dhahery stated.
Foodco’s Q2 profits denote a significant progress in the company’s profitability as the they have succeeded in forming a synergistic trading network within the region that facilitates trade with buyers across international frontiers enabling a continuous supply of top quality products at modest prices. “Foodco’s products move into the hands of buyers swiftly meeting the demands of the marketplace as we are firm on delivering the best value in food products that the world has to offer to the regional market,” Mr. Al Dhahery said.
Foodco has acquired a reputation over the years for its efficient marketing and wide distribution network. The company retains a large portfolio of high profile brands that are household names throughout the region.
Established in 1979 as a Public Shareholding Company - Foodco is a driving force in food importing and trading within the region. Foodco operates under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE. The company is head quartered in Abu Dhabi with branches in Dubai and Al Ain.
